NOCNORTHROP GRUMMAN CORP /DE/

Search, Detection, Navigation, Guidance, Aeronautical Sys

Revenue: $42.0B; 2.2% YoY
Operating margin: 10.8%; 1.0% YoY
EBITDA: $6.0B; 4.2% YoY
Market cap: $79.2B
Employees: 95,000; $442K revenue each
Net debt / EBITDA: 1.9×; $11.4B net debt
AI in 10-K: 1.5; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
114% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
61% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
33% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$442K · 60th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.5 per 10K words · 44th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$79.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$26M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$35.7B	$36.6B	$39.3B	$41.0B	$42.0B	2.2%
Operating income	$5.7B	$3.6B	$2.5B	$4.4B	$4.5B	3.2%
Net income	$7.0B	$4.9B	$2.1B	$4.2B	$4.2B	0.2%
Operating cash flow	$3.6B	$2.9B	$3.9B	$4.4B	$4.8B	8.4%
Capex	$1.4B	$1.4B	$1.8B	$1.8B	$1.4B	18%
Stock-based comp	$94M	$99M	$87M	$101M	$119M	18%
Buybacks	$3.7B	$1.5B	$1.5B	$2.5B	$1.6B	35%
Dividends	$983M	$1.1B	$1.1B	$1.2B	$1.3B	9.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $26M · 61
Net: −$26M

Pay vs performance

No pay-versus-performance disclosure yet.